November 15, 2022

How to Infuse Insights From The Wealthiest One Percent - Dave Wolcott

In today's episode, you'll learn from Dave Wolcott, who will share the key insights and backstory behind his book, The Holistic Wealth Strategy." He'll also explain how you can get into the right mindset and make a start on your path towards attaining the rewards that will come from following Dave’s wealth strategy, and discuss the tax benefits of investing in the energy sector.
Billy Keels
CEO and Founder FGCP

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Going Long Podcast Episode 264: How to Infuse Insights From The Wealthiest One Percent

( To see the Video Version of today’s conversation just CLICK HERE. )

In the conversation with today’s guest, Dave Wolcott you’ll learn the following:

  • [00:38 - 03:25] Show introduction with comments from Billy.
  • [03:25 - 07:41] Guest introduction and first questions.
  • [07:41 - 12:08] The backstory and decisions made that led Dave to this point in his journey.
  • [12:08 - 20:54] What gave Dave the strength to decide to not be bound by geography in terms of the locations where he made Real Asset investments, but to invest long distance and out of State rather than sticking to the local market.
  • [20:54 - 30:29] Dave shares the key insights and backstory behind his book, The Holistic Wealth Strategy.
  • [30:29 - 36:51] How you can get into the right mindset and make a start on your path towards attaining the rewards that will come from following Dave’s wealth strategy.
  • [36:51 - 51:00] The tax benefits of investing in the Energy space.

Here’s what Dave shared with us during today’s conversation:

  • Where in the world Dave is based currently: Sarasota, Florida.
  • The most positive thing to happen in the past 24 hours: Dave is celebrating the 25th wedding anniversary with his wife!
  • Favourite city in Europe: Alassio, Italy.
  • A mistake that Michael would like you to learn from so that you don’t have to pay full price: Make sure you have a Growth Mindset from the start, be open to new alternatives and don’t assume that someone is more of an expert just because their title says so!
  • Book Recommendations: Rich Dad’s Cashflow Quadrant, by Robert Kiyosaki.

Be sure to reach out and connect with Dave Wolcott by using the info below:  

To see the Video Version of today’s conversation just CLICK HERE.

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Episode Transcript


Today's conversation is sponsored by first generation Capital Partners. If you're an accredited investor, and you want to know about how we're helping other accredited investors keep more of their income, go to first gen forward slash going long. You're definitely a product of the five people you spend your time with. Right? So who are those people? Are they inspiring you towards your goals and where you want to go? Are they actually detracting you like crabs on a bucket? You're trying to reach higher and they and people keep pulling it back? No, that's too risky. You know, don't do that. You're listening to the going long podcast with Billy keels, the number one podcast for long distance real asset investing.


Welcome to the go long podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident investing beyond your backyard. And yes, I'm your host, Billy keels, and I am super excited to welcome you back to today's conversation, this is going to be absolutely awesome. Get your pen, get your paper out or get your iPad and pen out, you know, whatever, whatever it is that you'd like to use, be ready to take some copious notes, because this one's going to be absolutely awesome. I also want to thank so many of you for continuing to post across social media, you're doing your screenshots, you're tagging, as you're starting to do that tag us even more, we'd love being able to see that and doesn't matter what platform you're on. I know a lot of you are on LinkedIn and stuff like that. But tag us we appreciate that. We also appreciate the honest written reviews as well as rating. So thank you for doing those. If you haven't had a chance to do that. Obviously, you can do that. If you want to find every single episode we've ever done on the podcast, go to first gen forward slash podcasts. And you can find every single episode. So once again, Christian forward slash podcasts. And today, if you are interested in understanding how to build a holistic, holistic wealth strategy, you really need to listen to the guy who we're interviewing. Today, you're going to learn more about the different


types of assets, you're also going to learn about being able to utilise different assets to get different outcomes and ultimately be able to get to the freedoms that you're looking for. So I know you're gonna get loads loads out of today's conversation with Dave Walcott, and we're gonna get to that just after this.


Are you a busy high paid professional, someone that in the previous two years has earned $200,000 and is expected to earn $200,000 this year. Or maybe if you file jointly, previously, you've earned $300,000 In previous two years, and you're also expected to do that this year. Or maybe if not, either individually or jointly, you have a million dollars in net worth, not including your primary residence. If you meet any of these criteria, then you're someone that the IRS considers to be an accredited investor, that probably means you're someone like an enterprise software sales executive, you may be an executive in a major corporation, you may be a doctor, you may be a lawyer, maybe a high paid consultant, you may have even worked for a major sports franchise. And the thing I know you have in common is that you continue to do the hard work like you're doing 100% of the work, and you're only bringing home 50% of the reward because you continue to get crushed by your income taxes. If you're tired of this situation, and you're looking for a new solution, then go to first gen forward slash going long. When you get there, that's going to help you to start the journey so that you can begin to take back control of your taxes take control of your time. And then also that means you're going to be able to spend more of the time that you want with the people that you love the most. And that is the way that you're going to get the personal freedom that you're looking for. So if you're looking to take back control, go ahead and go to first gen Forward slash going long, and see how we can help you today.


So if you want to understand how to infuse insights from the wealthiest 1%, and how that can help to improve your long distance investing success, then guess what? Today's the conversation that you're going to want to stick around to until the very, very, very last second. You know why? Because today's guest is absolutely amazing. Not only was he a captain in the US Marine Corps, he also had a well a very productive IT career. I think he did a couple of things, maybe in the sales area, and even in the solution advisory capacity. And after that, he decided he want to go out and found his first company. And he did that. And by the way along the way. He's also the author of a super popular book, and it's the holistic wealth strategy gives me great pleasure to welcome to today's conversation, the CEO and trusted advisor of Pantheon investments Mr. Dave Walcott. Dave, welcome the show, man. Hey, Billy, grateful to be here. I mean, you have no idea how excited I am about the knowledge that you're getting ready to just drop on the entire going on family. It's gonna be absolutely awesome. So, you know, in Dave, so no pressure, by the way, no pressure.


Here's the thing that you know that I'm going to ask you five questions, you're gonna get to in the beginning, you're gonna get three in the end. And then in the middle, you're probably going to get a whole lot more than five questions, especially with all of the expertise and value that you're adding to the universe. But I just don't know what those questions are yet. So you're, you're gonna have to bear with me going on family desert every week. And I'm sure that you're going to come up just on top. So I would like to get started though. If you could help us understand, Dave, where is it that you call home in the US


You know, this is really a great question, Billy, because part of what we're talking about with holistic wealth and building your wealth, it's really all around freedom. Right? So having freedom of purpose, having freedom of time, also having freedom of location, right, in addition to freedom of money. So this is such a great question, and I'm glad you asked it. We recently moved to Sarasota, Florida, we've just survived Hurricane in. So very grateful for that and feeling for those who haven't. But that was part of our vision to you know, create a place, you know, where the lifestyle would really support, you know, our goals and ambitions. And then we also have a place in Liguria in Italy as well. Fantastic. Well, so you've already kind of shared that knowledge, like the first time when we very first book was both spoke to one another. Well, actually, we didn't speak because when I got the message that you were in Italy for like the next two months or something. I was like, yes, David's really awesome. I really can't wait to speak to him. So. So awesome. Appreciate that. And yes, that that geographic freedom is something that's absolutely key. So aside from that, and you just mentioned something I would love for you to share in question number two is really just helping us understand what is like, the last 24 hours? Like what is the most important thing or the thing that you're the most grateful for in the last 24 hours?


Well, this is another great question, and very timely. So today, I am celebrating October 4 2022. I'm celebrating my 25th anniversary with my wife. Whoa, congratulations, ma'am. This is like a momentous occasion. Yeah, it really is. So I'm really grateful for her today. And you know, grateful for the family that we've built over the past 25 years. Fantastic. That's absolutely an amazingly positive thing. And I appreciate you being able to invest time with me in the go along family on your 25th wedding anniversary. So absolutely awesome. Also to Dave, one of the things I would like to thank you for your service, because it's something that is absolutely, you know, phenomenal. And so thank you very much for for that as well.


So, here's the thing, though, Dave, like one of the things that I would like to just kind of confess to you is that I have this kind of, I'm a recovering perfectionist. So sometimes I try to do things that are really over the top, like, it's not even possible to do them. For instance, try to tell your entire backstory in two and a half seconds, right? That's just something that was never ever going to happen. But I try, you know, because I always like try to keep the bar really, really high. So I'm going to ask you for your help, because your backstory is goes way beyond two and a half seconds. So I would love for you to share your backstory, in your own words with me in the going long family today. Take as much time as you want. And then also if you could help us to understand some of the major decisions that you made along the way to get to this point in your journey. And then we'll see where where you and I take the conversation from there. You bet. Maybe not two and a half seconds for two and a half minutes. We can we can keep it short or even longer if you want me to. It's your story. You're allowed to take as much time Yeah, you bet. So as you talked about, I finished school in, did the ROTC programme in college. Right. So that was my transition into the Marine Corps we kind of talked about, and then served my country for four years. And then after that, really got into corporate America. And that's when I started getting into the tech industry and working in tech, and working for corporate. And then in 2000, my wife and I literally won the baby lottery and had triplets. So the first thing I did was I went and talked to my financial planner, right? And all they could tell me is really the same thing. And I cycled through probably three of them at the time. They said, you know, look, wow, now you have four kids, it's late, it's at least a million to raise a kid. So now I just added, you know, four more, right, because we had another one. So you know, what was the solution, but all they could tell me was that look, the market is gonna go up, the market is gonna go down, you're gonna make 7% over the long haul. Just put as much away as you can and your 401 K. And then you save up for this big, big nest egg. So I think really, the entrepreneur and me became really frustrated with that cookie cutter response, right, that was really driven from Wall Street and corporate America. So it put me on this obsessive journey to really figure out how are the 1% building their wealth, because it's not as a retail investor in stocks, bonds and mutual funds. The only people that are making money in that game are the ones the salespeople selling it to you. So, remember, this is 2000 So literally, I took the purple pill


and read Kiyosaki is Cashflow Quadrant, which was very insightful. But there were very limited resources at the time limited podcast, things like that. So I moved, if you recall, in the Cashflow Quadrant, right, I moved to the right hand side of the quadrant became a business owner, as well as an investor and I started investing in alternative assets, everything from oil and gas, to raw lands, to office parks, to retail to multifamily. And so you know, spent a lot of time you know, analysing opportunities, betting deals, and then at the same time, I became a business owner, and started that tech consulting business you had mentioned, and running a business is where I just really learned a lot about taxes, you know, taxes really being your number one, you know, biggest expense. So fast forward to today. And what Pantheon really is, is an instantiation of those past 20 years of learning and mistakes that I've made, you know, all through those years. And what I wanted to do was, you know, really two things is to help other investors identify these alternative asset classes, right, that, that are really talked about by Wall Street, as well as provide some exclusive access to some of these, you know, top deals that people might not really know about. And then we talk about our wealth strategy, because it really is this, you know, holistic vision that's focused on your vision. And if you don't create a target for what you're trying to achieve, you'll miss every time


100% of the time. Yeah, I absolutely agree with you on that. And, you know, we are going to get to those 20 years of your learnings, which is, you know, now manifests itself in Pantheon investments. But one of the things that I mean, even in the very beginning, Dave, that you talked about, that I'd love for us to come back to. And it's kind of like the basis of this whole podcast. And it's that geographic freedom that you're talking about, right? This because a lot of it's about the mindset. And I feel like because I've lived in Europe for the last 21 years, right. And I've been investing exclusively back in the US in terms of the real assets. Because when I got out of the Wall Street kind of like addiction, I realised that I wanted to do that back in the US. And it made the most sense for me. But I also took that purple pill. And a lot of times, it seemed like the things that I was reading it, they were saying that you needed to be a landlord, but you needed to actually live in the same place as the assets that you owned. Now, I'm not saying that you can't do that. But I fundamentally believe that there are you don't have to be in the same place. Right? There's some elements that need to be there. But I'm always just curious, because you're living this geographically free lifestyle today. And I know that from an investment strategy, you don't necessarily have to be in the same place. But I also know that that's very contrarian to what we're told. So can you maybe talk to us a little bit about what gave you the the strength to say, hey, look, I'm gonna be contrarian, I'm going to not allow geography to to really bound me in terms of where I'm going to invest. Because that goes to our long distance investing philosophy, I guess. Yeah, that's really great, Billy, I will actually just back up a second, right. And then we can kind of drill down into that. What I believe, you know, through my journey is that a lot of, you know, we're talking about wealth here today. And people are familiar with the term of financial freedom, right? It's very overused, that's out there. But what I would really encourage people to do is to start to really think about, what is it that wealth really means to you? Right? And what I've discovered is that it's all focused on freedom. And there's four particular freedoms that we have. So number one, yes, there is financial, you know, having freedom of money, to be able to do what it is that you know, have the basically money is like oxygen, right? To be able to do the things you want to do. It's also about freedom of purpose, right? To get up every day and be excited, you know, and whether that's, you know, you know, doing something with your kids being able to take them to school or being in a job that you're passionate about, and excited to add value and contribute. You know, freedom of purpose is really important. There's also freedom of location, right, that we've, you know, really talked about, and also having freedom of time, right to be able to work when it is you know, that you want to work. So when I focus the things really enhancing all of these four freedoms as kind of the backdrop and the driver of really what's really trying to get you to support your vision. You know, to me, freedom of location was really important. I had the opportunity to travel to France. When I was young, I was 15 and went on a


cycling trip and went for the next subsequent few years. And that became, you know, my passion with Europe, I just absolutely fell in love with the culture, the people, the history, the lifestyle, you know, all of these things in Europe that were just so different than the US. So that really started and, and in fact, that kind of drove some of my desire to go, you know, get into the Marine Corps, right, where I could travel the world and, you know, see different sights and, and really to also bond with the people in these cultures. I mean, I've always found it just fascinating to, you know, learn about different cultures start to learn the language and, and all of those things. So that really was, you know, a burning desire for me in that vision is to be able to say, Okay, I want to go to Europe, right, and specifically, Italy, my wife has roots there, we have a lot of connections there. And, you know, I want to go there and not be a tourist, I don't want to be walking around with a suitcase and pop in and out, I want to have my local coffee shop on the corner, I walk in, everyone says Ciao, Dave, he No. And you know, it's just amazing. And now, I mean, I'm on a cycling team over there. My wife and I have been studying the language for six years, which has been just this amazing journey. And now when we go over, I mean, the most special time is, you know, we all have dinners with all of our friends, and you've got, you know, 10 people at the table, and we're all speaking Italian, you know, talking about, you know, kids and lifestyle, all these all these things, and it's just really, it's really special, you know?


Yeah, and so when you, when you have the opportunity to do that, I'm gonna, I'm gonna pick up on that kind of thread, because I think it's awesome the way that you are building this lifestyle. So this, so being able to have, you know, freedom of location, and being able to do things, you're living your lifestyle, and, and your investments are supporting that. So regardless of where you are, whether you're in Sarasota, Florida, or you're in Italy, or anywhere else, you're able to, you know, continue to keep the lifestyle and improve the lifestyle that you and your wife are looking for. And I think that that's phenomenal. But just one thing, because I know what it's like to be learning a new language in your with locals. And there's a lot because you've seen it over six years.


But also, there's that moment in the beginning when it's very uncomfortable, right, because everybody's laughing at the jokes, and you don't understand the jokes, but you're still allowing yourself to be there.


And you've gone through that process, which is really uncomfortable for a lot of people, Dave, because most people don't want to feel uncomfortable. But you're you've seen this evolution from the very first day that you were sitting down and six years later, learning the language. Also, very importantly, learning the culture. Maybe you could talk to a little bit about that process, as well from being uncomfortable, comfortable with being uncomfortable, and being able to feel and understand what that evolution has been like, since you've continued to invest your time. And energy, no pun, no pun intended. Sure, I think it really takes a little bit of courage and you have to you know, not be afraid to really put yourself out there. And probably you know, the beginning of that was when I went out on my first ride so I'm a big cyclist so that's what also kind of brought me into the region. But I went on my first you know, bike ride, when we got over there and I didn't even realise how much of a mecca it really was. And you know, the first mile literally my first ride, I met this guy and he's like, he can tell by my jersey and everything, oh matter couch Americano, right. And so we start talking and, you know, I'm fumbling through her words, he knows some English and everything, but, you know, you just had to be you know, you have to be comfortable with being uncomfortable. You know, you don't really understand everything that's going on, you know, the expressions, the language and things like that. And then that actually transition that next day into he said, You have to come ride with all my friends, you know, so then I've got, you know, the next day, I've got eight Italians that I'm riding with for the next five hours. And these guys, you know, are really crazy, you know, we'll we'll ride for five hours, you know, you'll be climbing up the mountains, and then you're trying to have a conversation Italian. But I think you know, to your point you have to just be you have to be comfortable with being uncomfortable. You have to put yourself out there a little bit. But the reward is just so great if you can, you know if you can if you can learn and you can understand and then I also find that there's some amazing things that there's a universal language like cycling is a universal language. Family is a universal language. So these things that you know you can bond with, you know with the locals about is is really great. I love that because when you are


making the changes and you're bonding with locals, like you've just shared something that I've, you know, I've shared with people for a really long time you're like, what's the best way to learn a language? It's like, Well, should I go and take this? You know, language exchange and all that stuff? Usually it is, what do you love doing anyway. So whether you love talking about family, and you find people that talk about family, or you love cycling, or I wanted to learn salsa dancing, right, so when I moved to Paris in 2001, I wanted to learn salsa dancing, I was the only guy who didn't speak French. But guess what everybody was there. And we had a love of salsa. And I looked really, really uncomfortable, kind of stupid sometimes. But over the time that I was there, over a year, my salsa improved, my French language improved, and also my understanding of French culture really improved. So I love that you share that nugget with everyone. And so for those of you who are thinking about, yeah, you're looking for your overseas adventure, they've just shared one of the ninja secrets with you is how you can learn more about the language and culture really, really quickly. So they, I want to pivot a little bit then because we, because a lot of the work that you've done, like just the theory that you were reading about that you put into practice, you talked about over 20 years, you were able to bring that together. And I mentioned at the very beginning that you you have written a book, the holistic wealth strategy. I know that this, this is a framework that you also are helping others in that a lot of that you've learned from the studying the wealthiest 1%, as well as applying it. So maybe you could talk to us a little bit about the inspiration for the book, also talk to us a little bit about the framework so we can get a better idea as to what it's all about. Yeah, absolutely. So I mean, the really the genesis of it, it was interesting, because as I had gone through this journey myself to transition away from Wall Street, was I was trying to explain this to other people. And so many people just didn't understand it. Right. So and I was trying to kind of articulate it in a way and then you know, I come from a consulting background, right. So trying to you know, create something, you know, visual and create a framework and essentially make it a system and make it more tangible for people to kind of invest. That was really kind of the Genet genesis of how I started. And it all started with this framework is, which is kind of like a really a blueprint of what I believe,


is to achieve wealth. And it all starts with, you know, creating a vision, like we talked about, right? So creating that vision is super important, because that's really your driver, and you need to be aligned with your spouse, as well on, you know what that vision is, you know, what, what do you see for yourself, and sadly, most people spend more time planning their vacation than they do with, you know, their future. So it all starts with vision. And then we have four simple phases to it, Billy. And the first one really starts off with your mindset, right? This is all about you. It's about your why. And you have to have a growth mindset to be able to learn new ideas. There's so many people I've talked to they say, well, deferring taxes is a great idea. Because that's what you know, that's what our wealth, you know, planner is telling us to do. I get a tax deduction this year, but they fail to really break it down and look at it objectively and say that, okay, well, if you keep pushing those taxes out, you're going to be paying them later in life. And the only thing I'm probably certain of is taxes are likely going up. They also make a faulty assumption. And they say that, well, you'll likely be in a lower tax bracket. I don't know about you, but I want to be wealthier, even you know, in my later years, then now, right? So why would I be in a lower tax bracket, I should be technically in a higher tax bracket. So you have to actually take limiting beliefs and dispel limiting beliefs.


It's also about creating goals, and then habits to support those goals. So how, you know, how are you supporting and, and, you know, let's take Italy as a perfect example, right? I've created a goal that I want to be a certain percent fluent and a certain amount of time. So what do I need to do there on a weekly basis, I do everything from, you know, watching Italian travel shows, to having dialogue to you know, calling my friends and things like that, but I'm incorporating that really into my lifestyle right now. And I think this mindset, you know, peace cannot be underestimated because it's really, you know, you're gonna get out of life, what you put into it. So if you have a big vision, you know, you'll be able to get there. Right.


Okay, so then if you move into the second phase, it's all around education. Okay, so we talk about it as IQ increasing your financial IQ, increasing your mindset IQ, and also increasing your health IQ because


If you don't have your health, you don't have your wealth, think about how much Steve Jobs would have paid to, you know, be able to maintain his health where he was in life, right? So I believe that health is really very foundational to wealth, and it's something that you should focus on all the time. So what are you doing to do that? Right? I have, I work with an integrative medicine doctor. And we work regularly looking at blood panels trying to optimise and I actually have a goal to live to 116 and completely changed the paradigm. So what am I doing on a daily on a weekly basis? And part of that is education, learning about, you know, what's possible, right? And getting, you know, getting outside of, again, the noise and the perception that you know, media outlets have or the people that you have, right, you're definitely a product of the five people you spend your time with. Right? So who are those people? Are they inspiring you towards your goals? And where you want to go? Are they actually detracting you, right? Like crabs on a bucket, you're trying to, you're trying to reach higher, and they and people keep pulling it back? No, that's too risky, you know, don't do that. And then the same with that, you know, investing in financial IQ, right? It's all about educating yourself and look at the facts for yourself, right, if you can look at the facts for yourself, you can get some more objectivity into it, instead of you know, other people saying, hey, just doesn't make sense. So that's kind of the second phase. And we talk about building a team around you as well. So in this is kind of this alternative team that might sit consist of an asset protection attorney, you might have someone who supports you with infinite banking strategy, someone who's in the private equity space, right, who can identify, you know, good deals for you and things. So, you know, creating that team is really important. And then we go into this phase around, really creating your infrastructure. And creating your infrastructure is really key, this infinite banking strategy is really amazing. There's a lot of, you know, notions out there a lot of confusion, I think, in the marketplace, but we actually got our licence for it, because we believe in it so strongly, and it's a place if you think about your wealth, you can actually, if you think about your wealth, like on a wealth pyramid, you know, at the foundational level, you can actually create something that's completely liquid compounds tax free, you have creditor protection against it, and you have this ability to actually borrow against it to go, you know, put into deals, invest in different deals, or invest in, you know, other, you know, different things is your money, right? So you start to create this, this strategy of actually becoming your own bank, right, which becomes very powerful versus the other way of just taking on credit, right, and kind of being a slave to lenders, and most family offices, ultra high net worth people, infinite banking is actually a complete core to their strategy. And tax strategy is also key. You know, what your, what is your biggest single expense in life? It's taxes. So what are you doing to try to mitigate your taxes? That's a key piece. And then in the last phase, we just move into asset repositioning. Because most people might say, Okay, if they've come this far in the journey, they might say, well, I get this, this sounds good, but I don't have 50,000 sitting around to go invest in something. Well, you know, the last time I checked the most Americans, probably over 90% of at least Americans and likely Europeans as well. Assets are sitting in government sponsored qualified plans, or in their primary residence. Well, the rate of return in your primary residence is zero, right? It's trapped equity, right? So if you can partner with the bank, and even at today's rates, five and a half percent, you can take money at five and a half percent, and you can make, you know, 20% on your capital in some of these other investments, right and have more control and diversified cash flow. Okay, well, then it makes sense to start repositioning these assets. Same thing with qualified plans. Eight years ago, I took my IRA, I took my whole 401k money. I paid the 10% penalty, I paid the taxes, but I modelled it out in Excel. And I said, Look, I'll break even and like six years. So you know, where's the harm in that right, and I can get control back over my money. Turned out I actually made my money back in three and a half years and I offset all the taxes with my investments, and I've completely never looked back. So a lot of this is about taking


control as well. Yeah. So I love the way that you, you know that you they've walked us through that right everything from the vision creation, education, Team infrastructure, and then asset repositioning and especially on the asset repositioning part.


Trusting that you enjoyed today's conversation. And you know, if you're tired of getting crushed by taxes, if you're looking for greater freedom, to be able to choose what you want to do, when you want to do it, make sure that you go to first Ford slash going long, and see how we can help you today, let's get back to the conversation.


I'd love to get your thoughts on this, how much of that especially in the asset repositioning part because I believe very similar to you that there's a lot of assets that will provide you liquidity or access to liquidity that will allow you to do other things create the runway for you to have more of the the time freedom or the the purpose freedom things that you were talking about before. But


would you agree that you kind of need two key elements to do that number one, that you need to be able to carve out time to be educated and also to have that mindset that you were talking about, which is the open, you know, growth type of mindset, because some of these concepts. And I know, I was very traditional in the beginning to now, you know, almost a decade later, most of this stuff sounds pretty familiar with me. But because I also just left the corporate world last year, like less than a year out. I started this down this path before. And it's almost something that is it's just kind of normal at this point in time. But maybe talk to that person that's listening to what you're saying. And they're going Whoa, hang on a second. Davis seems like, it seems like too good to be true. Like, how do I get to that point?


Yeah, good question, Billy. And I think, you know, look, this is this has a lot to chew up, right? I mean, these five things, right, we're rattling them off here in about seven minutes. But you know, it took me years and years right to figure this out. And part of the reason I'm so passionate about this is because I want to help other people, right, accelerate their journey, because it doesn't need to take 20 years, you know, you can do it a lot quicker. And that's why we really focus on those early phases, right? The mindset, you know, it really is about, you know, just creating that life that you want to live. And also, you know, again, be objective with some of the things people have been telling us, you know, they talk to us about diverse, here's a great thing, right? They say, It's too risky, right? This is I'm sure this is what your financial planner have never heard about a multifamily syndication. And your financial planner is going to tell you well, it's too risky. Well, of course, he's going to tell you that because it's not part of his agenda, and he cannot sell you a product that fits in there. Okay. So it's really important to, you know, take it upon yourself to get a little bit smarter about hey, how can this asset class, you know, perform, let's look at the macro economics, and you start to realise it's completely non correlated to the stock market. And it's also part of Maslow's hierarchy, right. At the lowest level, people need shelter, right. It's one of the most basic things. So in terms of risk, you know, it's very recession resistant, it provides cashflow, it provides tax benefits. And when we look at investments, we actually call it really a three dimensional or like a trifecta. This is really our investment thesis where we're looking at assets that are, you know, they provide predictable passive income, they have tax efficiency to them. And they have some type of, you know, lucrative upside right through forced depreciation kind of on the back end. So, when you think about that, and compare that to traditional stocks, What's everyone doing $1,000 worth of stock is worth $1,000 worth of stock, and the only thing you're betting on is that the stock is going to do what it's going to go up. But in reality, stocks can go sideways, or they can go down. So why are they telling you to put your entire nest egg into stocks, bonds and mutual funds, when in fact, it's actually completely one of the riskiest, most speculative, you know, asset classes, right, that are out there. And you have absolutely no control over that, then, you know, that's the that's the biggest point that I tend to think about is there's no control. And it's really contrary to what makes most people especially if you're in a corporate role, the things that make you VIP, or at least I think about me, right, the things that made my corporate role successful is because I typically understood what I was doing on a day to day basis, I had a high level of control, and I was able to also help to generate the out could write the result. But when you have no control, you're not able to generate the output but you put 100% Or let's say 90 plus percent of your livelihood in this kind of thing. It just seems very


Yeah, it just goes against everything that makes most people that are especially in


corporate life makes them successful. And we do it. Think about this, Billy, right? Think about the bigger picture here. So corporations and the government, right, think about their side of the equation, if you put your money in a 401 k, right? The company has more of their golden, you know, handcuffs on you, right? Well, I've got to be vested, or are this phantom, they say, You know what, we're giving you a 3%? March, you know, so this is free money, right? So you think, Wow, this is kind of the greatest thing. And then the government is on the other side saying, this is fantastic. I mean, think about if you were a business that we're getting, we have literally all of this revenue building up, we know when people turn 59 and a half, and we're going to tell them how much they can take out each year. Right? And they're gonna have to pay taxes on that. So we're gonna know, right, it's coming out at ordinary income tax. So we completely know what a revenue stream is. I mean, the thing is completely, you know, set up for them to win. Well, you know, it's running because we're 2x. It Guys, it sounds almost like recurring streams of revenue that are predictable, like software, like I said, there on the right there on the right equation that you need to you need to have some courage and think outside of the box, right? Yeah, definitely. Listen, before we get into the going on final three, there's one thing because you mentioned like tax benefits. And I know that you're a big fan of being able to create predictable income, the tax side of things. And also, just from an alternative assets perspective, we talked about some of the things that you are doing from a from life insurance policies, IBC, or into an infinite banking concept. We've talked about some of the hard assets in terms of residential, but also to, you had talked about tax benefits in the oil and gas space, or energy space, maybe you could talk to us a little bit about that, before we get into the going long, final three, kind of what took you in that direction, as well, eventually. So again, it really goes back to our investment thesis, right of having, you know, predictable income tax efficiency and some type of, you know, upside on the back end. And so typically, oil and gas didn't really fall into that, because people are investing into the revenue stream.


But now, right, if you kind of, first of all, you look at the macro dynamics and the market, I mean, there's just been no investment in oil and gas in the past six, seven years, because it's all going towards green, right, that's where the investment is really moving. But the reality is that the demand for petroleum based products on a global basis is just going up. And then coming into this Maslow's hierarchy, again, energy is at the core, I mean, we just went through the hurricane here and people without power for a week, I mean, you know, it crippled everyone, right, you need energy to do just about anything it is you want to do. So I think there's a huge supply demand imbalance. And then from a tax side, we were really excited to be able to bring this offering to our investors, where you can actually get you know, that your investment is 100% deductible. And, you know, typically, we see maybe 80 85% of that in year one. It's it's offset of your active income. So w two income, your high income w two earner, you can literally offset all of your income I we had an investor who sold his 401k position, and he offset all of the taxes with it. Right in the year. So very powerful benefits. And I'll also share, Billy, like why that's important, right? Why? Why is the government giving us? You know, I would propose that people think about taxes in a different way. It's because that it's a natural resource that we're using for our competitive differentiation, right, as a country, it's for our national defence. And in fact, you've got a lot of European listeners. So, you know, I mean, what a bind to be in right now with Russia controlling, you know, really the pricing on gases. And I know in Germany and some other countries, it's going to be really tough this year. Right? Because they have a stranglehold over the energy. Yeah. And so when you when you look at the energy space, you know, it is one that consistently gets more and more attention. You know, you and I've talked about this before, it's one that I it's dear to my heart, especially right now and has been over the last couple of years.


And oh, by the way, just so everyone knows, when Dave was mentioning earlier, kind of the things that can happen. He's talking to you about examples, concepts, he is not giving anybody any tax advice. So what you need to do is take the concept that he talked to you about and be able to talk to your tax advisor about


that writes, he's once again, he's sharing an example not giving anybody any type of tax advice. So


yeah, man, you know, I just think it's great that you can give the breadth of, of, of asset base that you're looking at in terms of creating this holistic wealth strategy and being able to support the freedoms that you talk about. Because ultimately, these financial gains are there to be able to sustain and help us to evolve the things that we're looking for the freedoms that we're looking for. So


listen, Dave, before we well, I guess, we kind of have to nap before but because now we kind of have to get into the going on final three. It's one of those things, but in today's into our special guest, you're my special guest.


I never asked anybody to go along final three, unless you tell me that you're ready. So my question for you, Dave is, are you ready? You bet. Fire away. I mean, was there any doubt?


I don't think there was any doubt. I think everybody's like, yeah, Billy, why do you even ask the question? So listen, so here's the thing. And also, I'm really excited about being able to ask this question, because this is a guy who like lives in different places around the globe. So this is awesome. So we started with where you are in your new location over in Florida, Sarasota, Florida. I'd like to bring it back to this side of the pond that you know very well, you talked about it earlier. Because this is now my adopted home side of the pond. So help us understand that what is your favourite European city that you've either visited and you visit a lot of them or still on your bucket list to visit.


So I'll just give this as a backdrop. I haven't travelled quite as much as you but I have been to over 50 countries and over six continents. So my favourite European city is a city that we live in, in Italy. It's in Liguria, Italy, the town is called alasa. Northwest just about just about an hour north of nice France. All right, fantastic. So Alas, you will add that I think it's a first. So don't worry, everybody just click the link and you'll be able to find it in the show notes, which is absolutely awesome. So the other thing question number two, Dave, and this,


this really has a lot to do with the good fortune that I've had, right in terms of being able to come across people that are very successful, I consider you to be someone who's also extremely successful, you're making a positive impact on people's lives around the globe.


And you know, one of the things hopefully you will agree with me in this that when I watch successful people, one of the things that makes them very successful is because typically when someone who's successful when they have a plan, they go out. And they Unlike others, when they go out and they execute the plan, they get things right the very first time which allows them to go even


Dave, that was kind of a joke. Of course, they don't give names like super.


He's very cool, calm and collected everybody check them out on the video. Plus, he's got his nice Pantheon investments over his nice left shoulder. David's a joke. I like to have fun here, man as well. And of course, people that are super successful, they don't get things right every single time the first time. The reality is that they unlike most probably get things wrong, probably 20 to 50 times more than everybody else, right? Because we're out trying new stuff. So that was kind of a joke. But the reality is,


this is not a joke, every single time, those that are successful, whenever they have a relevant mistake, or learning opportunity, or call it whatever you want, Dave, things don't happen the way that they thought, every time it's a relevant mistake. Every single time they stop, they learn from that mistake. And then they go out and they put different strategies, tactics and actions in place that minimise the probability of that exact same thing happening again. So I don't necessarily want you to think about the mistake that happened or occurred or whatever I really want you to share with us. What is the one lesson that you took away from that learning experience that you know that the going long family needs to hear today?


So this is really easy, Billy. Right? It was that I was following conventional wisdom. And I was following the Wall Street prescription. Right when I got out of college, and I didn't invest in my financial IQ, right? Sure. I was, you know, investing in some stocks and bonds and I had a, you know, financial planner. But look, I was just following them thinking these guys are the experts. And so that was a huge mistake. And again, you know, that's what gives me so much purpose and drive is to try to help educate people and learn that there's an alternate another path that's out there, and I watch my daughter, I watch my kids. So my daughter is 23 years old. She's two years out of college right now. She graduated, and then she set herself up with an infinite banking policy she was funding through high school. She borrowed against the policy for a downpayment on her first house.


In which they bought the first house, they renovated it for about a year, her and her boyfriend. And now it's a rental. So they've got rental income coming out of the thing, great asset, they built up about 100k in equity, and then they use some of that equity to go buy the next house, which they just moved into. So it is unbelievable, Billy to be able to see this and to be able to see that it can be put into action, even with people who are younger. But it's not unless, you know, you get that mindset piece, right. So you know, that that was my mistake and following, you know, conventional wisdom. So it's really being able to have that growth mindset that you talked about being open to new alternatives. And also not just accepting that someone's an expert, because their title says, so I can continue to invest that way. Okay, perfect. Appreciate that. And man, I must make you proud to to see your daughter be able to do these things already at age at the age of 23. That's pretty awesome, man. That's absolutely amazing. I just want to remind everybody, so just as we go into question number three, so of course, they where can people find your book to holistic wealth strategy. So we have an ebook version that's available right now, which you can go to Pantheon,, forward slash wealth, hyphen, strategy, and you can download an ebook there to kind of get your arms around it. And we are going to be launching a full books coming out in January. Really excited. I've actually finished it. And I've been working with a professional publisher this year. So


yeah, excited for that to come out. So look for that in q1 sometime. All right, fantastic. Perfect. And so just into question number three, then the very last one is to help us also feed our minds would love for you to share with us. What is the one book that you would recommend with the go along family today?


Yeah, there's so many good ones out there. But obviously, I'm pressuring you because I, I guess you'd love to read


Cashflow Quadrant was really like if you're starting your journey off, you know, I would have to say that the Cashflow Quadrant is literally one of the best reads. That's that's out there, you know, especially if you're in the early journey. Awesome. All right, perfect. So we're gonna go ahead and add that as well. And don't worry, everybody, like I said, there's going to be a link, all you have to do is click it, you don't have to write it down. So if you're running on the treadmill, or cooking dinner or whatever, don't worry, just, it'll be there for you. So I can't believe how quickly these conversations go by Dave like, I'm just thinking about you talking at the very beginning that you're in part of your ROTC programme. And then from there, you you know, you did your, your four years in the corporate and you did your did your tech, your tech time. And then you got this wonderful gift in 2000. The gifted with triplets man, that was awesome, just absolutely amazing man families, for children and being able to, to go there, you took your purple pill and you saw the Cashflow Quadrant, and then you realise that it was about being able to move from the left side of the quadrant to the right right side of the quadrant. And so you took that theory, and then also over the span of of 20 years really took a lot of focus and learning about the wealthiest 1%, being able to take that theoretical knowledge, apply it to your own life and gain real world experience. And as you've done that, you've continued to realise that it's not just about being part of the Wall Street plan. It's about really being able to create your own plan, being able to have your framework follow the framework, the one that you talked to us about, as you looked at the holistic wealth strategy framework, where you talk us through and if you want to actually listen to everybody again, you can take a listen to it, because there's loads and loads of information. And you know, as you're going out, and you're continuing to make impact on lives, everybody is listening, Dave and they're like ability, just ask him the question, man, stop talking about all this stuff. So I'm sure that everybody in the going on family wants to understand Dave, what is the best way to contact you or contact you and your team? So we can find out more about what you're doing that Pantheon investments? Yeah, again, I'll just point you to that link Pantheon forward slash wealth hyphen strategy where you can get a you know, a free copy of that book. And then you'll get on our newsletter. We have like a newsletter that comes out. There's also a link to my calendar, if anyone wants to set up a conversation love to have, you know, these type of strategic discussions about building wealth together.


And yeah.


All right, awesome, man. Well, listen, Dave, on behalf of the entire Golang family, I'd like to thank you very very much for deciding to invest your time with me with us and sharing your knowledge today. So thank you very much really appreciate it. Thanks a lot Billy. really grateful to be here and connect with your audience as well. All right, awesome. And so if you give me like 15 seconds we'll wrap things up really quickly. Just want to chat with it. Go along family everybody. Listen, Dave left you so much value he talked to you walk through


Through the framework, take the framework, share it with your family, share it with your friends share today's episode so they can listen to themselves. And then the two of you can have a conversation or the four or five of you get together and you take the theory and you put it into practice. They've even given you an opportunity to reach out to him find out more about what he's doing. So while you're working on that building your knowledge building your education base, I'll be here preparing for the next conversation. So until then, go out and make it a great day. Thank you very much.


Trust that you enjoy today's conversation. And once again, today's conversation was sponsored by first generation Capital Partners. If you're an accredited investor want to find out more about how we're helping accredited investors to gain their personal freedom even faster. Go to forward slash going long.

Billy Keels
Founder & CEO of FGCP
Billy is on a mission to share a roadmap and opportunities with other extremely busy, high-paid professionals on how to find financial freedom through investments. Listen in to learn how!
Guest speaker
Dave Wolcott
Founder and CEO at Pantheon Investments
Dave Wolcott is the creator of The Pantheon Holistic Wealth Strategy: the playbook to becoming ultra-wealthy and having not only freedom of money, but freedom of purpose, time and relationship. Dave started his career as a Captain in the Marine Corps, and today he is the Founder and CEO of Pantheon Investments. Dave is the author of “The Holistic Wealth Strategy”, A Framework for Building Real Wealth and Living an Extraordinary Life and is also the host of the popular “Wealth Strategy Secrets of the Ultra-Wealthy” podcast.

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